Building Automation Systems Market is poised to grow at a robust 7.8% CAGR through 2031.

[231 pages Report] Global building automation systems market to reach a valuation of US$ 44.6 Bn in 2021. After countering the initial effects of COVID-19, the market is poised to grow at a robust 7.8% CAGR through 2031.

Emergence of smart cities and connective technology such as the Industrial Internet of things (IIoT) will continue augmenting market growth, with the U.S., the U.K., Germany, and Japan emerging as top producers during the assessment period.

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Building Automation Systems Market Historic Sales Compared to 2021-2031 Forecast Outlook,

Demand for building automation systems (BAS) has been increasing at a steady pace in the past few years, with the market growing at a 5.7% CAGR. Many advancements in BAS have propelled its adoption in small and medium-sized buildings in tandem with large buildings, and we expected the trend to prevail in the forthcoming years.

In the first quarter of FY’2020, sales of building automation systems witnessed a downturn because of restrictions imposed to contain the coronavirus outbreak. However, with expedited vaccine drives across the world, the market is expected to keep its pre-pandemic status.

As per FMI, the building automation system market exhibited year-over-year growth by 7.0% between 2020 and 2021.

Building automation systems have witnessed tremendous improvements in recent years to provide optimal safety and comfort to occupants. As traditional technologies, such as open protocols, are taking a backseat, market players are keen on launching novel connective technologies and systems to facilitate advanced automation metrics.

These factors show lucrative growth prospects in building automation systems market during the forecast period.

After buckling the affects of the unprecedented COVID-19 outbreak, the global building automation systems market experienced year-over-year growth by 7.0% between 2020 and 2021.

Building automation systems offer interconnectivity of machines and devices to manage and streamline daily operations in commercial, industrial, and residential sectors. Growing demand for convenience and comfort among tenants in modern residential spaces will continue providing tailwinds to BAS sales.

Besides this, emergence of smart cities across several countries is spurring demand for building automation systems. These systems facilitate energy efficiency, water and gas supply, lighting, temperature control, along with superior security and surveillance in residential as well as commercial buildings.

As per FMI’s in-depth regional analysis, the U.S. is expected to witness high demand for building automation systems during the assessment period. Growth in the commercial sector, coupled with penetration of building automation systems in schools, universities, hospitals, and entertainment centers, is estimated to fuel market growth through 2031.

“Government-backed initiatives to encourage the development of smart buildings, coupled with post-sales help and services offered by market players, will positively shape the demand outlook in the building automation systems market,” says the FMI analyst.

Key Takeaways:

• We estimated building automation system services to dominate the product segment.
• Sales of security and surveillance building automation systems will remain high through 2031.
• Applications of building automation systems in the commercial sector will continue gaining momentum.
• The U.S. is expected to witness high demand for building automation systems, owing to expansions in the residential and commercial sector. FMI projects the North American market to grow at a positive 7.2% CAGR.
• Growth prospects in the U.K. are projected to be bright because of stringent government regulations regarding energy efficiency and conservation. The European building automation systems market is poised to expand at a 7.0% CAGR.
• China will emerge as an attractive market, owing to government initiatives promoting the development of smart cities.
• South Korea and Japan will collectively account for 7% of the total market share.

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Competitive Landscape

Honeywell International, Schneider Electric, Siemens AG, ABB, Johnson Controls, Plc, Delta Electronics, Inc., Eaton Corporation, Bosch Rexroth, Emerson, AVASGLO Group, Signellent Technologies (India) Pvt. Ltd., Comnatz Thailand Company Ltd, Deos AG, MCS Automation Technology Company Ltd., and Philips Lighting are some prominent players operating in the building automation systems market profiled by FMI.

As per FMI’s analysis, top 5 players in the building automation systems market comprise Siemens AG, Honeywell International, ABB, Schneider Electric, and Johnson Controls, plc, accounting for 44% of the total market share.

Prominent players in the building automation systems market are focusing on intensive research and development to add new products and services to their product portfolios. Apart from this, strategic collaborations, acquisitions, and mergers will remain key growth strategies among market players in the upcoming decade. For instance:

• In August 2021, Schneider Electric released its new EcoStruxure Micro Data Centre architectures on Stratus Technologies’ ftServer edge computing platforms to move data center capabilities to factory floors. These systems integrate Stratus’ fault tolerance and virtualization with Schneider’s uninterrupted power supply and run critical equipment with no downtown.
• In July 2021, Germany’s Bosch Rexroth and Gamuda Engineering announced a collaboration to offer building automation systems in the Malaysian construction industry. The collaboration is aimed to raise the Malaysian construction industry’s competency in automation.

More Insights on the Building Automation Systems Market

In its latest report, FMI offers an unbiased analysis of the global building automation systems market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented based on product type (hardware, software, and services), system type (security & surveillance, HVAC, lighting solutions, and building energy management), application type (commercial, residential and governmental), and across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East, and Africa).

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About Industrial Automation Division at Future Market Insights

The Industrial Automation & Equipment division at FMI adopts a novel approach and innovative perspective in analyzing the global machinery and industrial automation market. A range of FMI’s market research reports offer comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery used across manufacturing sector. The team also conducts distinctive analysis about installed base, consumables, replacement, and USP-feature application matrix, making us a prominent voice of authority in the industry. We are associates of choice for established as well as budding industry